Bitcoin (BTC) Surges to $118,400.
Current upside pause just temporary?
After breaking out of the bull flag and faking out the first time, and threatening to do so a second time, the $BTC price suddenly shot skyward and reached and surpassed the all-time high at $112,000. A short period of consolidation followed in the form of a flag pennant. However, this soon broke out, and another $7,000 was soon added to the price as it hit more than $118,000.
Since then, there has been a slight retracement into the $117,000s, but this does look temporary, and the price could start to spike yet again at some point during Friday. $130,000 is not out of the realms of possibility.
It does need to be borne in mind that sooner or later, this upward spike will need to start calming down, and it would be healthy for the price to go sideways and perhaps down for a more extended period of time, giving the momentum indicators time to reset, as they are quite overbought now. At what point this might start to happen is unsure at this stage, and there is the possibility of more upside before gravity begins to take effect.